As tensions increase once again in Ukraine, the GBPUSD has seen a move lower and back below its 200 hour moving average at 1.35766. The price ran to a low of 1.3553 so far. That is just above the 50% midpoint of the 2022 trading range for the pair.
The GBPUSD remains in a narrow up and down trading range over the last 16+ trading days. The low came in on February 15 at 1.34858. The high was reached on February 10 and again on February 18 at 1.36427. The range of 157 pips is narrow over the 3+ weeks of trading. The price is trading near the midpoint of the range (1.3564 is the midpoint of the 16 day range).
Traders will now use the 200 hour moving average as resistance. Stay below and the bias remains the downside. The next target on a break of the 50% midpoint at 1.35526 would have traders looking toward the low from yesterday and the swing low from February 16 near 1.3536. Move below that level, and traders will start to target the 100 day moving average 1.35032.